Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,149/mo
Lowest payment- Down payment
- $185,588
- Funds due
- $195,753
- Interest + MI left
- $48,470
- First ends
- Oct 2046
Assumption
Assumption + second
$2,301/mo
+$1,152/mo- Down payment
- $28,588
- Funds due
- $40,209
- Interest + MI left
- $306,194
- First ends
- Oct 2046
New loan
New conventional
$2,265/mo
+$1,117/mo- Down payment
- $28,588
- Funds due
- $36,910
- Interest + MI left
- $367,556
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,412 | $94,412 | $251,412 |
| Second mortgage | — | $157,000 | — |
| First P&I | $549.77 | $549.77 | $1,703.15 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $86.94 | $86.94 | $50.28 |
| Taxes, insurance & HOA | $512.00 | $512.00 | $512.00 |
| Total housing payment | $1,148.70 | $2,300.71 | $2,265.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,588
Closing costs & prepaids$11,621
Usable credit−$0
Total buyer cash needed$40,209
Earnest money paid−$0
Remaining funds due$40,209
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$54.01
Prepaid interest, second (6 days)$206.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing19 yr 10 moOf the original 30-year loan at 3.48%
Interest already paid$38,749Through Dec 2026
Assumption only · ends Oct 2046$48,470
Assumption + second · ends Oct 2046, second Jan 2057$306,194
New conventional · ends Jan 2057$367,556